A few quick questions. How are you planning to handle AML/CTF stuff? TradeHill's Australian arm has been required by its bank to verify the identity of its customers and World Bitcoin Exchange clearly states on its website its intention to comply with Australia's AML and CTF laws as well as the fact that it is currently operating without an AFSL. MtGox has also experienced problems operating in Australia with some of its user funds currently being frozen. I think that if you're going to promote yourself as "ethical", you need to reveal this kind of information to your potential users in advance.

Also, are you using a holding company? I can't find a company registration number or an ABN for Crypto X Changer Pty Ltd. In and of itself that's not necessarily a big deal as you could be "trading as" Crypto X Changer, but I wasn't able to find any business name registration records for Crypto X Changer either.

And finally, how do you intend to deal with the issue of GST as your business picks up? If you're even moderately successful the you're going to hit the GST threshold next financial year if not this one. That means you'll either have to absorb the cost of GST yourself or pass it onto your customers - this is a factor you need to consider from the outset when you're designing your fee structure, otherwise you risk having to raise your fees by 10% when the GST threshold kicks in or your business becoming unprofitable and unsustainable.

All I can say is that this is Bitcoin. I don't believe it until I see six confirmations.

A few quick questions. How are you planning to handle AML/CTF stuff? TradeHill's Australian arm has been required by its bank to verify the identity of its customers and World Bitcoin Exchange clearly states on its website its intention to comply with Australia's AML and CTF laws as well as the fact that it is currently operating without an AFSL. MtGox has also experienced problems operating in Australia with some of its user funds currently being frozen. I think that if you're going to promote yourself as "ethical", you need to reveal this kind of information to your potential users in advance.

Also, are you using a holding company? I can't find a company registration number or an ABN for Crypto X Changer Pty Ltd. In and of itself that's not necessarily a big deal as you could be "trading as" Crypto X Changer, but I wasn't able to find any business name registration records for Crypto X Changer either.

And finally, how do you intend to deal with the issue of GST as your business picks up? If you're even moderately successful the you're going to hit the GST threshold next financial year if not this one. That means you'll either have to absorb the cost of GST yourself or pass it onto your customers - this is a factor you need to consider from the outset when you're designing your fee structure, otherwise you risk having to raise your fees by 10% when the GST threshold kicks in or your business becoming unprofitable and unsustainable.

Hi Repentance,

We have everything already set and in place for a long future. Everything you have mentioned has been taken care of. Company details will be published on our official website upon our launch, which will be October. What background are your from Repentance, is it accounting or law?

Our Exchange is providing a platform to buyers and sellers of bitcoin. We look forward to opening very shortly.

We have everything already set and in place for a long future. Everything you have mentioned has been taken care of. Company details will be published on our official website upon our launch, which will be October. What background are your from Repentance, is it accounting or law?

Our Exchange is providing a platform to buyers and sellers of bitcoin. We look forward to opening very shortly.

Thank You!

I'm glad to hear that you're planning to have your ducks in a row before launch.

My background is in business administration with an emphasis on regulatory compliance. My current areas of interest are small business and NGOs (in the past it's been Freedom of Information and the various state and federal Privacy Acts). I believe that far too many small businesses fail in Australia these days and that while blaming "the economy" has become almost reflexive, many of them would have failed due to other issues even during better economic times.

Why small business? Because it's the lifeblood of Australia in terms of providing employment. It's about creating opportunities for yourself (and hopefully for others as well) instead of just hoping that someone else will provide you with opportunities for upward mobility. And while there are no guaranteed passports to the middle class and beyond, for many people establishing their own business will give them a better shot at upward mobility than trying to out-compete hundreds of other equally or better qualified candidates for coveted, high income private and public sector jobs.

All I can say is that this is Bitcoin. I don't believe it until I see six confirmations.

I'm glad to hear that you're planning to have your ducks in a row before launch.

My background is in business administration with an emphasis on regulatory compliance. My current areas of interest are small business and NGOs (in the past it's been Freedom of Information and the various state and federal Privacy Acts). I believe that far too many small businesses fail in Australia these days and that while blaming "the economy" has become almost reflexive, many of them would have failed due to other issues even during better economic times.

Why small business? Because it's the lifeblood of Australia in terms of providing employment. It's about creating opportunities for yourself (and hopefully for others as well) instead of just hoping that someone else will provide you with opportunities for upward mobility. And while there are no guaranteed passports to the middle class and beyond, for many people establishing their own business will give them a better shot at upward mobility than trying to out-compete hundreds of other equally or better qualified candidates for coveted, high income private and public sector jobs.

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That is very good Repentance, that is very true about business's failing due to other aspects other than the current economic times, it is usually a lack of planning, market research and of course many other things.